Sale of agri land
This query is : Resolved
Ratna Baldawa
(Querist)
24 August 2008
hellooo
there is sale of agri land situated in rural area
so what should be effect on computation of income
is there any wording in IT Act About this
case ???
plese reply me
there is sale of agri land situated in rural area
so what should be effect on computation of income
is there any wording in IT Act About this
case ???
plese reply me
CA Hemant T Dewani
(Expert)
25 August 2008
if land is away 8 km from any muncipal area or cantoment area & population is less than 5000 of that village & it is agriculatural land then it is not taxable
Dhirajlal Rambhia
(Expert)
07 November 2021
Rural agricultural land is not considered as capital asset, as per sec. 2(14) of IT act. Therefore, any gains from its sale are not taxable under the head Capital Gains.
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